Goldman Sachs Expanded ETF Assets After NEOS Acquisition

Goldman Sachs has reached $100 billion in ETF assets following its $2.3 billion acquisition of NEOS Investments in August 2026.

Updated on Oct. 1, 2026 in Investing

Isometric editorial illustration of stacked geometric blocks representing rising financial assets, rendered in muted teal and mustard tones. — Goldman Sachs has reached $100 billion in ETF assets following its $2.3 billion acquisition of NEOS Investments in August 2026. AI Illustration. Upload story photo >

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Goldman Sachs reached a milestone of $100 billion in assets on its ETF platform in May 2026 and finalized the $2.3 billion acquisition of NEOS Investments in August 2026. The firm has shifted its strategic focus toward actively managed ETFs.

Why it matters

The firm is prioritizing active ETFs as a strategic growth pillar, a pivot enabled by a 2020 SEC rule change that lowered barriers to innovation in ETF holdings. This expansion marks a return to lead market making for the firm, which had previously exited that sector in 2017.

Goldman Sachs saw its equities revenue climb to $5.3 billion in the first quarter of 2026, a 25% increase compared to $4.2 billion in the same period a year earlier. The acquisition of NEOS Investments added $30 billion in active ETFs to the bank's total platform assets.

The players

Anne-Victoire Auriault

She serves as the head of global program trading and ETF trading at Goldman Sachs.

Goldman Sachs

This investment bank and financial services company manages assets for institutional and individual clients.

NEOS Investments

This asset management firm provides active exchange-traded fund products.

The details

Goldman Sachs utilizes its corporate balance sheet to provide trading and liquidity services, allowing it to re-enter the ETF market as a lead market maker. By acquiring NEOS Investments, the bank integrated $30 billion in active ETFs, further scaling its capabilities. This move contrasts with the bank's 2017 decision to exit lead market making, reflecting a shift in institutional strategy toward client demand for active investment products.

2017: Goldman Sachs exited lead market making in the ETF sector.
2020: The SEC loosened rules on ETF holdings, fostering market innovation.
2025: Goldman Sachs renewed its role as lead market maker for Capital Group's U.S. Large Growth ETF.
Q1 2026: Goldman Sachs equities revenue reached $5.3 billion.
May 2026: The firm reached $100 billion in total assets on its ETF platform.

Money Landscape

The expansion follows the industry trend of increased institutional investment in active ETFs since the 2020 SEC rule change. This platform growth marks a departure from the firm's previous strategy of exiting lead market making in 2017.

Investors who utilize active ETFs may find a broader range of products available as major institutions increase their market participation. Before adjusting your portfolio based on shifts in fund management, consult with a qualified financial professional regarding your goals.

The takeaway

Large financial institutions are currently prioritizing active ETFs as part of their broader equities strategy. Review your current ETF holdings to determine if any underlying fund manager changes have been announced by your brokerage firm.